United State Foreign Aid Philippines

IMF Chief Agrees to Resume Loans: The International Monetary Fund, after seven months of negotiations, has agreed to resume lending to the Philippines, clearing the way for Manila to restructure $5.3 billion of its commercial debt. IMF and Philippine officials said IMF Managing Director Michel Camdessus had approved the latest austerity plan aimed at putting the economy back on track after a year of stagnation and high inflation.

IMF Chief Agrees to Resume Loans: The International Monetary Fund, after seven months of negotiations, has agreed to resume lending to the Philippines, clearing the way for Manila to restructure $5.3 billion of its commercial debt. IMF and Philippine officials said IMF Managing Director Michel Camdessus had approved the latest austerity plan aimed at putting the economy back on track after a year of stagnation and high inflation.